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If SS is privatized.. you know what companies will do right?

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newportdadde Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-11-05 11:30 AM
Original message
If SS is privatized.. you know what companies will do right?
I'm guessing if SS privatization is passed then within 5 years companies will begin the process of further cutting back their own retirement benefits. The justification being you will 'earn' so much more on your SS money now then before that they only need to match say 2% instead of 3% of your 401k contribution etc.

The end result will be leaving us at best the same.. and thats a big if and the worst case much worse off then we would have been. But it will keep the market bubbled for awhile and administrators collecting more fees.
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radric Donating Member (124 posts) Send PM | Profile | Ignore Tue Jan-11-05 11:33 AM
Response to Original message
1. If SS is partially privatized I expect..
in the coming years to hear of growing numbers of cases where the "Wall Street Boys" dipped into that fund and diverted a bit of it to private accounts. You better bet Wall Street hopes this passes. Look at all that money to steal!
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crispini Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-11-05 11:33 AM
Response to Original message
2. Yep. We need to start all using the word
"piratization" of Social Security. 'Cause that's what it is.

That, and start telling young people that if this happens, more than likely their parents will wind up living with them. I know that prospect has me pleased no end... NOT! :scared:
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GOPFighter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-11-05 11:50 AM
Response to Original message
3. I keep thinking of my Dad
Nice guy, great heart, lousy investor. I've never seen anyone pick so many losing propositions to invest in! If we had had a privatized SS system in his day, he would have needed serious help from his kids.

No doubt some would benefit from a privatized SS, and some would end up no worse than average, but some would end up in poverty. Then what?
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liberal N proud Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-11-05 12:18 PM
Response to Original message
4. The only winners in privatization will be those companies that
are managing your accounts. They will get a percentage of your gain and most likely a percentage of your deposit.
You are correct about one thing, companies who still offer a retirement plan will most likely abandon them and the employee.
The common worker in this country has absolutely nothing to gain by Social Security privatization.
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